Indian markets are widely tracking Asian counterparts driven by US-China talks and inflation data. Metal, Pharma, PSU Bank, and IT stocks outperformed buyouts on a broader basis with the Sensex and Nifty 50. These markets are witnessing a volatile session as profit bookings from local and foreign companies have emerged.
At 09.46 am, the Sensex was up 197.76 points, or 0.38%, at 52,139.40. Meanwhile, the Nifty 50 was up 64.30 points, or 0.41%, at 15,699.65.
Top bulls in the Nifty 50 – Tata Consumer Products, Divis Labs, and JSW Steel each account for more than 2%. Shree Cement and Bajaj Funds rose 1.7% and 1.6% respectively.
The Nifty 50’s best bears – Eicher Motors fell 1%, while Bajaj Auto and Adani Ports each dipped 0.6%. Hero MotoCorp and Maruti Suzuki are somewhat lower.
In terms of sector indices, the metal index led the rally on the NSE, followed by pharma, PSUs, media, realty, and IT indices. Each of these sector indices is up 1%.
Asian stocks rose with China’s Shanghai mixed performance. Japan’s Nikkei 225, the BSE Sensex, and Hong Kong’s Hang Cheng boosted gains. Chinese and U.S. Trade ministers have reached an agreement to present trade and investment links at their first call since the beginning of President Joe Biden’s administration. Biden lifted Trump’s moratorium on Tictok and Wechat.
All markets around the world today are waiting for data on the upcoming inflation in the United States. Chinese stocks continue to consolidate despite falling data street ratings on production.
On Wall Street, overnight, US markets Dow Jones fell 150 points and the Nasdaq flat as bond yields fell 4 months to 1.48%.